§105‑195. (Repealed effective January 1, 2009) Tax to be assessed uponactual value of property; manner of determining value of annuities, lifeestates and interests less than absolute interest.
Said taxes shall be assessedupon the actual value of the property at the time of the transfer by gift. Ifthe gift subject to said tax be given to a donee for life or for a term ofyears, or upon condition or contingency, with remainder to take effect upon thetermination of the life estate or term of years or the happening of thecondition or contingency, the tax on the whole amount shall be due and payableas in other cases, and said tax shall be apportioned between such life tenantor tenant for years and the remainderman, such apportionment to be made by computationbased upon the mortuary and annuity tables set out in G.S. 8‑46 and 8‑47of the General Statutes, and upon the basis of six per centum (6%) of the grossvalue of the property for the period of expectancy of the life tenant or forthe term of years in determining the value of the respective interests. Whenproperty is transferred or limited in trust or otherwise, and the rights orinterests of the transferees or beneficiaries are dependent upon contingenciesor conditions whereby they may be wholly or in part created, defeated,extended, or abridged, a tax shall be imposed upon said transfer at the highestrate, within the discretion of the Secretary of Revenue, which on the happeningof any of the said contingencies or conditions would be possible under theprovisions of this section, and such tax so imposed shall be due and payableforthwith by the donor, and the Secretary of Revenue shall assess the tax onsuch transfers. (1939, c. 158, s. 607; 1943, c. 400, s. 7; 1955, c.1353, s. 1; 1973, c. 476, s. 193; 1985, c. 44; 2008‑107, s. 28.18(a).)